Profile: National Fuel Gas Co (NFG.N)

National Fuel Gas Company, incorporated in 1902, is a holding company. The Company operates in four segments: Utility segment, Pipeline and Storage segment, Exploration and Production segment and Energy Marketing segment. The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (Distribution Corporation). The Pipeline and Storage segment operations are carried out by National Fuel Gas Supply Corporation (Supply Corporation), and Empire Pipeline, Inc. (Empire). The Exploration and Production segment operations are carried out by Seneca Resources Corporation (Seneca). The Energy Marketing segment operations are carried out by National Fuel Resources, Inc. (NFR). The Company’s other direct wholly owned subsidiaries or businesses include Seneca’s Northeast Division and National Fuel Gas Midstream Corporation (Midstream Corporation). Seneca’s Northeast Division markets timber from Appalachian land holdings. As of September 30, 2012, the Company owned approximately 95,000 acres of timber property and managed approximately 3,000 additional acres of timber cutting rights. Midstream Corporation builds, owns and operates natural gas processing and pipeline gathering facilities in the Appalachian region.

The Utility segment

Distribution Corporation sells natural gas or provides natural gas transportation services to approximately 732,600 customers through a local distribution system located in western New York and northwestern Pennsylvania. The principal metropolitan areas served by Distribution Corporation include Buffalo, Niagara Falls and Jamestown, New York and Erie and Sharon, Pennsylvania.

The Pipeline and Storage Segment

Supply Corporation provides interstate natural gas transportation and storage services for affiliated and nonaffiliated companies through an integrated gas pipeline system extending from southwestern Pennsylvania to the New York-Canadian border at the Niagara River and eastward to Ellisburg and Leidy, Pennsylvania, and 27 underground natural gas storage fields owned and operated by Supply Corporation as well as four other underground natural gas storage fields owned and operated jointly with other interstate gas pipeline companies. Empire, an interstate pipeline company, transports natural gas for Distribution Corporation and for other utilities, large industrial customers and power producers in New York State. Empire owns the Empire Pipeline, a 249-mile integrated pipeline system comprising three principal components: a legacy 157-mile pipeline that extends from the United States/Canadian border at the Niagara River near Buffalo, New York to near Syracuse, New York; a 76-mile pipeline extension from near Rochester, New York to an interconnection with the unaffiliated Millennium Pipeline near Corning, New York (the Empire Connector), and a 16-mile pipeline extension from Corning into Tioga County, Pennsylvania (the Tioga County Extension). The Millennium Pipeline serves the New York City area.

The Exploration and Production Segment

Seneca is engaged in the exploration for, and the development and production of, natural gas and oil reserves in California, in the Appalachian region of the United States, and in Kansas. As of September 30, 2012, Seneca had the United States proved developed and undeveloped reserves of 42,862 thousand barrels of oil and 988,434 thousand cubic feet of natural gas.

The Energy Marketing Segment

The Energy Marketing segment operations are carried out by National Fuel Resources, Inc. (NFR), a New York corporation, which markets natural gas to industrial, wholesale, commercial, public authority and residential customers primarily in western and central New York and northwestern Pennsylvania, offering competitively priced natural gas for its customers.